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what percentage of my federal and state taxes is taken out ...

 
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Customer Question

what percentage of my federal and state taxes is taken out if my gross income is 75,000 and i live in plymouth massachusetts

 

Optional Information:
plymouth, Massachusetts

Already Tried:
everything

Submitted: 1782 days and 23 hours ago.
Category: Tax
Value: $15
Status: CLOSED

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Expert:  Anne replied 1782 days and 23 hours ago.

HiCustomer/p>

Thank you for using justanswer. The only % that are constant is social security at 6.2% and medicare at 1.45%. What your employer withholds for Federal and state is a product of frequency of pay (weekly, biweekly, etc) and how you fill out your W4. For Example:

$75000 annual salary paid bi weekly and you filled out your W4 form to claim Single/0, then your paycheck would be caluclated as follows:

Your Pay Check Results

Bi-weekly Gross Pay

$2,884.62

Federal Withholding

$560.54

Social Security

$178.85

Medicare

$41.83

Massachusetts

$141.19

 

Net Pay

$1,962.21

 

If you filled out your W4 and claimed Married/0, your paycheck would look like this:

Your Pay Check Results

Bi-weekly Gross Pay

$2,884.62

Federal Withholding

$367.60

Social Security

$178.85

Medicare

$41.83

Massachusetts

$141.19

 

Net Pay

$2,155.15

 

The more allowances you claim on your W4 form (Single/0, Single/1, Single/2, etc) the more mouths you tell the IRS you need to feed, so IRS withholds less from each check.

Here is a website that allows you to look at different scenarios such as single/0, married/0, etc and its a website I use quite a bit for just that purpose:


Free Salary Paycheck Calculator - Calculate Your Paychecks Online

Please let me know if you have any questions.

I hope this helps you

Positive feedback and bonuses are always appreciated

 

Expert TypeMaster Tax Preparer
Category: Tax
Pos. Feedback: 99.5 %
Accepts: 1415
Answered: 5/18/2008

Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses

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Customer replied 1782 days and 22 hours ago.

Reply to Anne's Post: ok im a veteranarian and im single no allowances and im paes monthly. does that help?

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Expert:  Anne replied 1782 days and 20 hours ago.

Hi againCustomer/p>

Here is your information based on single/0

Salary Paycheck Calculator

Your Pay Check Results

Monthly Gross Pay

$6,250.00

Federal Withholding

$1,214.50

Social Security

$387.50

Medicare

$90.63

Massachusetts

$305.91

 

Net Pay

$4,251.46

I hope this helps

Positive feedback and bonuses are always appreciated

 
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